QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(IRS Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
ASSETS |
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Current assets: |
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Cash |
$ | |||
Prepaid expenses |
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|
|
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Total current assets |
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Investments held in Trust Account |
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|
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TOTAL ASSETS |
$ |
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|
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LIABILITIES AND STOCKHOLDERS’ DEFICIT |
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Current liabilities: |
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Accounts payable |
$ | |||
Accrued expenses and other current liabilities |
||||
Franchise tax payable |
||||
|
|
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Total current liabilities |
||||
Deferred underwriting fee payable |
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|
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Total Liabilities |
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|
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Commitments and Contingencies (Note 7) |
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Class A common stock subject to possible redemption, |
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Stockholders’ Deficit |
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Preferred stock, $ |
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Class A common stock, $ |
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Class B common stock, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ||
|
|
|||
Total Stockholders’ Deficit |
( |
) | ||
|
|
|||
Total Liabilities and Stockholders’ Deficit |
$ |
|||
|
|
Three Months Ended September 30, 2021 |
For the Period from March 1, 2021 (Inception) Through September 30, 2021 |
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Operating and formation costs |
$ | $ | ||||||
Franchise tax expense |
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|
|
|
|||||
Loss from operations |
( |
) |
( |
) | ||||
Interest and dividend income on investments held in Trust Account |
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|
|
|
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Net loss |
$ |
( |
) |
$ |
( |
) | ||
|
|
|
|
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Basic and diluted weighted average shares outstanding |
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|
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Basic and diluted net loss per share of common stock |
$ | ( |
) | $ | ( |
) | ||
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|
|
|
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Equity (Deficit) |
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Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance - March 1, 2021 (Inception) |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||
Issuance of Class B common stock to Sponsor |
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Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||
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|
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Balance - March 31, 2021 |
( |
) |
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Sale of (Revised – see Note 2) |
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Accretion of redeemable Class A common stock to redemption amount (Revised – see Note 2) |
— | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
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|
|
|
|
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|
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Balance - June 30, 2021 (Revised – see Note 2) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Balance - September 30, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Operating Activities: |
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Net loss |
$ | ( |
) | |
Adjustments to reconcile net loss to net cash used in operating activities: |
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Interest and dividend income on investments held in Trust Account |
( |
) | ||
Changes in operating assets and liabilities: |
||||
Prepaid expenses |
( |
) | ||
Accounts payable |
||||
Accrued expenses and other current liabilities |
||||
Franchise tax payable |
||||
|
|
|||
Net cash used in operating activities |
( |
) | ||
|
|
|||
Cash Flows from Investing Activities: |
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Cash deposited into Trust Account |
( |
) | ||
|
|
|||
Net cash used in investing activities |
( |
) | ||
|
|
|||
Cash Flows from Financing Activities: |
||||
Proceeds from promissory note - related party |
||||
Repayment of promissory note - related party |
( |
) | ||
Proceeds from initial public offering, net of underwriting discount paid |
||||
Proceeds from sale of private placement shares |
||||
Payment of offering costs |
( |
) | ||
|
|
|||
Net cash provided by financing activities |
||||
|
|
|||
Net Change in Cash |
||||
Cash - Beginning of period |
||||
|
|
|||
Cash - End of period |
$ |
|||
|
|
|||
Supplemental disclosures of non-cash investing and financing activities: |
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Accretion of Class A common stock subject to redemption to redemption value |
$ | |||
|
|
|||
Deferred underwriting fee payable |
$ | |||
|
|
|||
Offering costs paid in exchange for issuance of Class B common stock to Sponsor |
$ | |||
|
|
June 30, 2021 |
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As Previously Reported |
Adjustments |
As Revised |
||||||||||
Balance Sheet (unaudited) |
||||||||||||
Class A common stock subject to possible redemption |
$ | $ | $ | |||||||||
Allocation of underwriter’s discounts, offering costs and deferred fees to Public Shares |
$ | $ | ( |
) | $ | ( |
) | |||||
Immediate accretion to redemption value |
$ | $ | $ | |||||||||
Total Class A common stock subject to possible redemption |
$ | $ | $ | |||||||||
Class A common stock |
$ | $ | ( |
) | $ | |||||||
Additional paid-in capital |
$ | $ | ( |
) | $ | |||||||
Accumulated deficit |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Total stockholders’ equity (deficit) |
$ | $ | ( |
) | $ | ( |
) |
May 28, 2021 |
||||||||||||
As Previously Reported |
Adjustments |
As Revised |
||||||||||
Balance Sheet (audited) |
||||||||||||
Class A common stock subject to possible redemption |
$ | $ | $ | |||||||||
Allocation of underwriter’s discounts, offering costs and deferred fees to Public Shares |
$ | $ | ( |
) | $ | ( |
) | |||||
Immediate accretion to redemption value |
$ | $ | $ | |||||||||
Total Class A common stock subject to possible redemption |
$ | $ | $ | |||||||||
Class A common stock |
$ | $ | ( |
) | $ | |||||||
Additional paid-in capital |
$ | $ | ( |
) | $ | |||||||
Accumulated deficit |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Total stockholders’ equity (deficit) |
$ | $ | ( |
) | $ | ( |
) |
Gross proceeds |
$ | |||
Less: |
||||
Issuance costs allocated to Class A common stock |
( |
) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
||||
Class A common stock subject to possible redemption |
$ |
|||
Three Months Ended September 30, 2021 |
For the Period from March 1, 2021 (Inception) Through September 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net loss per share: |
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Numerator: |
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Net loss |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average shares outstanding |
||||||||||||||||
Basic and diluted net loss per share |
$ | ( |
) | $ | ( |
) |
$ |
( |
) |
$ |
( |
) |
Description |
Amount at Fair Value |
Level 1 |
Level 2 |
Level 3 |
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September 30, 2021 |
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Assets |
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Investments held in Trust Account: |
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U.S. Treasury Securities |
$ | $ | $ | $ |
* | Filed herewith. |
** | Furnished. |
Dynamics Special Purpose Corp. | ||||||
Date: November 10, 2021 | By: | /s/ Mostafa Ronaghi | ||||
Mostafa Ronaghi | ||||||
Chief Executive Officer | ||||||
Dynamics Special Purpose Corp. | ||||||
Date: November 10, 2021 | By: | /s/ Mark Afrasiabi | ||||
Mark Afrasiabi | ||||||
Chief Financial Officer |